Would anyone have any advice or even a sample loan package they have used in the past to present to a bank for financing a small park acquisition(this one is $500,000) ? I am working on putting one together and it is a definite turn around park so the books currently do not look great(just over breaking even). I have written up a turn around plan and have documentation but I want it to look appealing to the bank and have not done one before. Any advice or samples greatly appreciated! Thank you for your time.
Provide general information to potential lenders in order to get terms and gauge interest. Many banks don’t like to lend for MHP’s and especially for smaller parks. After you have narrowed some of them down they will get more financial details from you and also will want financials and rent rolls for the park. That’s it. Its not fancy. You can also use a broker but the loan seems small so might have to do some searching. I will probably assume that your going to have to come in with about 30% to 40% down. Owner financing may make sense here.
Thanks for your response,